The pandemic has accelerated digital transformation across every part of our lives, including when it comes to buying things. Those companies without an online presence have had to develop one quickly.

This environment is tailor-made for an eCommerce start-up. Relatively low start-up costs, the ability to quickly access a broad marketplace and the ubiquitous nature of online shopping mean the ground is set fair. However, this is a frantic and competitive marketplace. To succeed, you need to develop a plan, target yourself in the right way and put it into action. Here are ten tips to maximise your chances of success.

1. Get the website right 

Your website is your shop front. Making a good first impression is just as important as on the high street. Many people do not fully appreciate how little time you have to grab a visitor’s attention.

It could be as little as five milliseconds. In that time, they will have taken in the design and whether they feel this is a business they can trust. From there, you need to ensure the user journey is as seamless as possible, taking users through every stage of the buying funnel.

At every stage, you want this process to be a smooth as possible. The fewer obstacles on this journey, the more likely they are to make it to the end. The harder it is to get through the checkout, the more likely your customers will get second thoughts. Whatever the reason, an abandoned cart represents someone who decided to buy but then changed their mind. If this rate is high, that means a lot of lost revenue.

2. Break out of your bubble

We have all heard about the echo chamber of social media. It applies to eCommerce too. We are naturally good at talking to people who look like us and think like us. For example, if you are a young entrepreneur in the city, you might develop a product that appeals to other young city dwellers.

From your marketing to your sales strategy, everything you do may subconsciously be talking to these people. However, there is no reason to think other demographics might not be interested in what you sell. Learn to think outside the bubble and understand different types of customers. How might they think? What would they want from your product, and how can you reach them? 

3. Use social media to listen

There are plenty of articles suggesting using social media to market your product. That is highly important. It is a free form of advertising and an excellent way to generate word of mouth.

However, what fewer people understand is that you can use social media for listening as well. You can search for your company or product name to see what people are saying about it, and you can also listen in on what people are generally talking about in your chosen sector.

It can open previously unseen opportunities and give you fresh ideas for ways to market your business.

4. Understand your investors 

When it comes to fundraising, many start-ups are looking to find someone with money who are willing to support them. They often fail to think about what that someone should be. Before you meet with a potential investor, it pays to understand their mindset, what they are looking for from the deal and what qualities they look for.

Many investors will come to a meeting with a set idea about whether they want to invest or not. Putting yourself in their shoes and understanding the deal from their perspective will dramatically improve your chances of success.

At the same time, it pays to be picky about your investors. If you are talking to venture capital funds, it is good to go for one with a good network of series A investors and a mindset that is compatible with you.

Investors may often bring more to the table than money. If their goals and expectations differ from yours, it could lead to problems down the line.

5. Build the business you want

Every start-up is a journey. You begin in one place, but you may well have a vision for what your company will be. Whatever your goal, it is crucial to set up a realistic roadmap to get there.

Put each block in place and nail each step in the journey before moving on to the next. One of the most common mistakes entrepreneurs make is attempting to scale before they are ready. 

6. Expanding overseas

A significant advantage of eCommerce is that it is more accessible to expand from one territory to another without needing a physical location. However, this can be a delicate business. Every new country will be a new market, with its characteristics. The competition will be different, customers may want other things, and you may need to position your business differently.

It is beneficial to have boots on the ground – people in those countries who understand the market who can help you build a presence. At the same time, having the infrastructure in place to ensure you can meet customers’ expectations will be crucial in this new market.

7. Use social proof 

As soon as possible, get some social proof onto your website. It comes in the form of positive user reviews or case studies. 

There are plenty of companies offering online services out there, and some are better than others. If they see plenty of reviews, they will feel much more comfortable using your services.

If possible, you might also look at securing coverage on popular customer review sites. Assuming your reviews are reasonable, you may include a link to one of these sites to reinforce a sense of trust with your customers. 

8. Go mobile

Most customers are using mobile devices – phones or tablets – to buy things online. However, sites often work and display differently on mobile than on desktop computers. It is worth investing in a secure, specialised mobile site or developing an app.

Not only will this help you engage more effectively with your customers, but it may also protect your search rankings. Google penalises those sites which are not optimised to appear on mobile. If you are pushed down the search rankings, your competitors will reap the benefits.

9. Different buying options

Today’s online customer expects choice and convenience. They are used to being able to pay in whatever way they want and to receive goods promptly.

Include as many ways to pay as possible to cater to different choices. Not having a customer’s preferred form of payment available is a common reason behind abandoned carts.

10. Control your finances

This last point might apply to any business, but it is essential. Most start-ups fail within the first five years. Most of those who do will fail because they lost control of their finances. Short term cash flow shortages can cripple any business, especially one which is just finding its feet.

Sound financial management using a high-quality tool will give you a clearer view of what is going in, what is going out, where you are strong, weak, and any challenges that may lie down the road. Cloud-based platforms such as Xero or Quickbooks make it easier than ever for start-ups to control their finances as they grow.

Speaking to an accountant will help ensure that you report the correct figures to HMRC and keep on top of your bookkeeping.